Nvidia(US:NVDA) 是说芯语·2025-11-20 00:21Core Viewpoint - Nvidia's recent financial results indicate strong demand for AI infrastructure, with revenue growth exceeding 60%, alleviating concerns about an AI bubble [1][12][14]. Financial Data Summary - Revenue: In Q3, Nvidia reported revenue of $57.01 billion, a year-over-year increase of approximately 62%, surpassing analyst expectations of $55.19 billion [4][12]. - EPS: The adjusted EPS for Q3 was $1.30, reflecting a 60% year-over-year growth, also exceeding analyst expectations [5]. - Gross Margin: The adjusted gross margin for Q3 was 73.6%, slightly below the expected 74.0% [5][16]. - Operating Expenses: Adjusted operating expenses were $4.215 billion, a 38% increase year-over-year [5]. Segment Performance - Data Center: Revenue from the data center segment reached $51.2 billion, a 66% year-over-year increase, exceeding analyst expectations [6][12]. - Gaming and AI PC: Revenue was $4.3 billion, a 30% increase year-over-year [7]. - Professional Visualization: Revenue was $760 million, a 56% increase year-over-year [7]. - Automotive and Robotics: Revenue was $592 million, a 32% increase year-over-year [7]. Guidance and Future Outlook - Q4 Revenue Guidance: Nvidia expects Q4 revenue to be around $65 billion, indicating a year-over-year growth of over 65% [10][14]. - Gross Margin Guidance: The expected gross margin for Q4 is 75%, which would mark the first year-over-year increase in six quarters [16]. - Market Demand: Nvidia's CFO indicated that the company has secured $500 billion in chip orders for 2025 and 2026, highlighting strong future demand [18][19]. Strategic Insights - Nvidia's customer base includes major tech companies like Microsoft, Amazon, Alphabet, and Meta, which collectively account for over 40% of its sales [17]. - The company is focusing on enhancing its competitive edge in the AI chip market, particularly in response to geopolitical challenges affecting its sales in China [20].